September 21, 2004

A Democrat Salutes the W Boom

James Cramer, co-host of the best show on TV, and a long-time Democrat backer and fund-raiser, pens a guest editorial in the Journal today (paid only, sorry!). This column is as good for Senator Kerry as Zell's speech:

Imagine the difficulty John Kerry faces in explaining what's wrong with the economy. He wants to talk about President Bush's reckless deficit spending, but how reckless can that spending be if the market's willing to lend the government money at a measly 4%, lower than when President Clinton turned deficits to surplus? He wants to portray the economy as weak and getting weaker, but how weak is an economy that finds Federal Express, Yellow Roadway and United Parcel all on the 52-week-high list?

These companies ship to meet demand, not to build inventories. Sen. Kerry would love to talk about lagging employment and jobless growth, but go tell that to Bill Zollars, Yellow Roadway's CEO, who has ratcheted up earnings forecasts three times during the alleged "soft patch" and would be making even more money if he could just find more truck drivers to hire.

Sen. Kerry would love to talk about how consumers and businesses are suffering through $45-a-barrel oil, but prices at the pump stopped going up months ago, and for other than a handful of poorly run, unhedged airlines, high oil's had remarkably little impact on any part of the economy, except the oil industry itself which is both hiring and booming. You don't debit the growth of Exxon and Chevron payrolls; their jobs pay greenbacks the same as any other. Meanwhile, we've got the veritably endless boom in housing, a two-year boom in steel, plus a brand new cyclical turn in aerospace. Boeing's stock doesn't lie; it's become a permanent fixture on the daily new-high list.

The irony isn't that Sen. Kerry can't make more hay out of this array of strength, it's that President Bush doesn't take more credit for what's going right.

Nothing higher marginal tax rates wouldn't cure, Jimmy!

Posted by jk at September 21, 2004 08:49 AM
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